VACATION TERM FOR BIBLICAL STUDY REGISTERED CHARITY NO. 1125494 FINANCIAL STATEIVIENTS FOR THE YEAR ENDED ST 31 AUGUST 2023
Vacation Term for Bibli1 SdY 2021-2022 2022.2023 4,967 720 22,887 13 4.768 Language aass Fees Residence Fees Additional Meals Car Parking General Donations Bursary Donations Eileen Stamper Fund: CPF investment Eileen Stsmper Fund: COIF investment Pat Merriman Legacy Fund Patrick Windle Bequest Bank Interest GiftAid 19.837 1,116 435 632 839 L433 L119 1.261 32,007 Expendityre Refunds Letturers, Fee5 LerturÈrs' Travel Lecturers, Residen Language Teachers, Fees Trustees, Travel Officers, Residence Hospitslty Venue Hire Car Parking Admint5trdtion Advertising Deposit for next year Bursaries Awarded Ileen Stamper Legw Fund Pat Merriman Legacy Fund Patrick Windle 8eque5t 2.985 517 1,335 1.350 987 2.245 880 186 2.185 229 21.685 314 22.859 512 2,824 330 35,614 32367 (3,6071 Surplus I (Deficit) for the Year 13J)79) {30.0) 92.896 Transfer to inve5tmentfunds Cash Funds Brought FoThvard 115.(KJ)) 59.289 59.Z89 41210 P.z.
t31 AMgiLIt 2021-2(122 202>2023 59290 41210 59290 Cth Funds 41210 (1,652) CMJitS INote 4) Debtors ChaTiti¢s Prom Fund In)me Units co {740) 45.0(K) 40,0 52.5(Kl 47.5(Xl 142.638 140,470 L8,176 2,525 90.E58 31.779 G¢D¢ral R¢wv¢ (Note 5) Bws8ry Fuod (Note 6) 13.952 2,195 91,650 32.673 Pat Fulld (Note 8) 142.638 140,470 Note5 to the Accow Note l- Basis of Th¢s¢ a¢wunts have been ryepared a Teeeipts and payrtThts bys Nots 2- Related Parties Officers who attend the Tennpay lthre fees th¢ttstsktKe fees covers their aCc(rtmti0 Some officers, the activiti&8 of the charity. Wbi]st they pay the lecth fees on the satlle ternLS other participauts. theirSdence fees are Diet with th¢ approval of the trS sothat their attend dtts not leave them out-of-tKxkeL In 2023 the Chairaud Note 3- Residence Fees Reskdence fees ar¢ collected from participatits. Thryaprar itetti of i[WDrbecau theywer¢ wIlectl throughthe attount alld, altlK)ugh th¢y are not fimds availabl¢ to filltherthe clwitys objeLa4 the clw&ty i% c0ntsacyCOthll
Note 4- CreAlitors CaE parkiD8 fe¢s ¢xtstanding 650 Credttors Note 5- Inveslments The itivesttnents 4r¢ Incl at Coytbut the ill108 at31StAU8 2023 Cutrellt vahx Cost ptice 45,863 51.473 52J( 47JKI Note 5. General Reserve Cash fijnds brnugbt foEward Reipts ex¢luding legacy ful4 (£3J91) Payments excluding bwsary awards (£330). Inves (£15.(W) and payments from legw 5Jttd% (£l.(X)5) Sutplus l (Deficit) on generni Kg¢rv¢ Cash fimds canied fiyrward Debtors (wld fr¢s. receivdafteryear end) Creditors Balance on fimd 19,828 25.897 (31,032) {5,135) 14,693 {740) 13953 Note6-Bu Cosh fuDds brLwgbtfoMFd Bursary donations 2525 Bursaries awarded Sutplus l (Deficit) on butS8ry fund {330) (330) 2.195 Note 7- Eileert S 35.158 InvEStmellt income (COIF) Investment income (Prop¢ty Fund) Receipts 1,433 839 2,272 Transferred tr) Pri4ffj Fw pats fr(m fimd (15.(MX)) (6.()) (780) (15.780) PaymeLts
Surplus l (Deficit) Eileen Start4 Ix8acyFund Cash fun¢Ls cauied forward {13.508) 21.650 70,iN)O Investlnellts gains Ioosses) 91,650 Th¢ Eil¢en staIn Fund is a dG5ignal¢d fuod arA thete is nDrestsictiOD llnrrfKd bythe legacy of Eileen St2DW upon the LL8e of iucotll¢ Capital and no sCl tr4LSt was decIar¢d by Eileen StaD7per. The trustees have decided forthe time belug io invest the capital and SFa tbe income on the fjjrther of the chariti&8 d>jeciive& However. the desision to do this is entitely at th¢ diw¢tion of the truste¢s who rqnain fre¢ to the Eileen Stanw also iwueathed her knks to the Note 8- Pat MerriTn& Fund Cash fimdsbrou8ht 1,779 Final payiwit of bequ¢st toPatMerrinMn i£gwFw Investtnent pneome (COIF) 1.119 Receipts TEansferred to CO (225) (225) Payments Sw)lus l (Deficit) Pat Fu( C&sh fuTd8 caTri¢d forward vested fidS at cost knvesttwlts 8ains Ioosses) 894 2.673 30.000 32.673 The Pat Merriman Fund is a Rstri¢t¢d fun(L It is to b¢ invested aThl the ed fwthe supplementsry sttses of lectures in the first week of th¢ Temi andlor fvburwi&
Independent Examiner's ret to the Trustees On the unaudited accounts of The Vacation Terni for Biblical Study I r¢w)rt onthe financial stat¢meDts of thcckntty forth¢ yvaT ed 31 August 2023. This report is made solelv to the Trustec, as aEKxI. in accordanc£ Ivith section 145 ofth¢ CRwiliesA¢t 2011 and tr%at11)nS made wider section 154 ofthat ACL My WOTk bas widertaken so that I Might state to th¢ Trust¢¢s those m2ffers I am rcquired to state to them in an indetendent ek•tilr's report and ft?rno Otherpurp. To the fllllest ext¢nt rmitted bv la4Tr", I donot or &&%lllne re4)ODsibilty to anvone otheTthan the Trustees as al},. formy work orforthis ryrt. Respective Rwnsibllities of Trnstees and Euminer The ePoritr S trust*s are resKx)L%ible for the PTep2ration of the financial statements. The cb2Tity's tTUStees consider that an wlt is not reqtiired forthis year utyler SUXioD 144(2) of the chariti Act 2011 (the 2011 It is nty r¢SnsibIlIty to: - Fuamine the fiDan¢ial statem (under sedion 14) of the 2011 Act)" to follow the pro¢¢dures laid down in the 8¢neFal D1CtionS SI by Cknity conlIsSi0 (under s¢¢tion 145(5)(b) of the 2011 A¢t)" and Basis of Independent Ex2n)iner's Report Ari &Y2mination includes 2 review of &counting e0rd$kept by the elwityatsd acompar1 (pf the fJn3ncial inthe fiDaDcial statementy and the seektng of exYlan( frorn you astTUStees concerning any such uth¥s. The procedures undertaken do not provid¢ all th¢ evid¢n¢¢ that would be requlred in an audit an cowuently no opinion is givrn as to wh¢th¢rth¢ financial stst¢meths present a'tue and fair viav- and th¢ report is limited to those matters s¢t outin the statements below. Indedent Examine$ Statemenl l) whith gives me teasoDabk cause to bdi¢v¢ tha¢ in any mat¢[1 resyecL the - to keep a¢(x)unkng Tecords iti wxordance with s. 130 of th¢ 201 I A¢ and - to prcpare financi31 statements which age with the acc(Jllthng reo)rds and to compty with the aCUnting rcquircmcats of the 2011 A¢ have noi been m¢L" or 2) to vthich, in my opinion att¢ntion should dTrwD in oth to ¢nabl¢ a pA)perund¢rstsndiDg H Cheesman FCA ChartereAI AyJnt2nt 104 Stockbridge Road Chichester West Sussex P019 8QP Iv 0£
Vacation Term for Biblical Study Trustees Report for the year ended 31 August 2023 Charity Number: 1125494 Charity's Addres8: 96 Hills Rorf Sabam Hill4 Thetfort Norfolk ItY25 7EZ Trustees: Prof Keith Elliott. (Deputy Chairnw) Ms Janet Cowen Prof Eryl W Davies" _ Dr Jane McLarty' (Treasurer) Prof Morna Hookee (President) Prof Judith Lieu. Prof. Edward Adams Ms Nicola Pitta Revd Ricbard Wyber Revd Canon John Westwood (Bursary Secretary) Dr Timothy Windrf (Cbairman) [ Tnths also memEers of the Lecturn Advisory Committee] Charity Seeretary: Mrs Anna FI¢1 (Non-Trustee) (resigned 5. August 2023) Mrs Karen Winder (Non.Trustee) (apillted 5 Au8llSt 2023) Le¢thre3 Secretary: Mr John Taylor (Non-Tnts) (app)inted 5 AW 2023) Publicity Officer. Revd Frances Jeffti&8- (Non-TrtLStee) Non-Trnstee M¢mbeR3 of the IKetures Advisory Committee: DT. Paul Joyce Dr Nathan MacDonald Bankers: HSBC PIC Structur4 Governance & Management Governing Document The Governing Document of the Vacation Terni for Biblical Study, which is also known as vrBS and promotes a sUMnr h0o1 under the title Summer BibEl1 stlY in Cambridge, is a Tn Deed dat&1 29 July 2007" the framework witbin 1c the Charity operates is further defjned by its Regulations as revised in July 2012, and amended in January 2016. Reernitment and AppoAntmeDt of Trnstees New trustees are aprx)inted by a resolution of the trustees p&wd at a special meeting. They are selected on the basis that they have the skill4 knowl&lge and experience needed for the effective administration of the clrIty. Organisation The trustees nO.allY meet at least twice eath year with the Annual General Meeting in the New Year and a meeting in JulylAug$t at the Ter with a further meding rfrequired. The itrs elecL llorn]ally from their number, a cha]rn)a Deputy chairn1a Tre&surer, Secretary, Bursary Secretary, Lectur¢s Sffttary and such other officers as are deemed neSSary. The trteeS also appoint a pTesidL usually a theologian QT a memE*r of thc clergy with a previous
close connection to the Term (who may have served as a ttwtee in the p&8t or have been a regular contributor to the Tern]'s annual programmes). They also appoint a Lectures Advisory Committee, cbaired by the Duty ChaiTrn. This Committee's membership includ&s the Chainlla l£ctures Secretary, with three other Itee5 and up to three non-trustees with relevant experience. The task of the LectseS Advisory Commitke is to draw up. for the trustees. approvaL a ]ist of schokn with the appTopriate exwtise to pn)vide lectuKs at the T Th¢ Cbainll Deputy chairnn and Tre&surer a any)w¢red under th¢ t¢rn)s of paragraph 7 of the Tnt Deed to forni a standing committee to handle urgent matters. The stsnding committee rnt rcport its decisions and actkvities 1]Y and promptly to the trustees, and must not illCUT expellditUEe except in accordance with a budget ad by the tte¢s. Risk Management The trustees have a duty to idenlify and review the risks to which th¢ Cbarity is exposed and to ensure appropriate controls are in place to provide reasonable assurance agaFllSt fraud and error. General Reserves stsnd at £13,952 against an optimum level set by the trusfres of £IO,O(K). The two L¢gacy Funds (on¢ a d&Signatl funQ which hol(Ls £91.650. the other available for general PUTposes which has been transfeTred to general Teserves) with no r&strictions imposed on their e. and the Pat Mariman Fund and Butsary Fund (restticted funds) stand at £32.673 and £2,195 respectively. The trustees notc that the cost of accommodation is currently exempt from VAT because it is part of an educational packag¢, and the continuation of this ¢x¢mption is critical for keIng the event affordable. Policies, Activities and the Public Benefit The Charity's objecL &8 set out in paragraph 3 of the Tnst Dee4 is: Thefyrtherance of education and religioMY understanding by offering to students ofthe Bible un opportunity to become acquainted with the results ofmodern b]ICal and Theologicd Scholarship This wording is traditional to the Vacation Terni for Biblical Study although it probably does not date back to its foundation in 1903. The furtherdnce of education is understood by the trustees to mean the advancement of ethatiOn, wbich is a recognised charitable object The furtherance of religious understanding defines the scope of the UCatIon that is advance& The programme delivers direct public benefit by ducaLing the participants and equipping them to learn mor& It delivers indrect public benefit through the work of participants in their local churches, or in education. The organisation had Anglican origins, but operates ecumenically. The Charity's progrdmme offers an academically critical approach to bil)licai and theological issues. No regard is taken of any l¢¢knrer's individual religious stanc£. The individuals who participate are from a wide variety of Christian, and occasionally non- christia traditions. The progranime is open to anyone who wish&s to deepen their knowledge and UndetandIng of th¢ Bible and allied subjects througb academic study The Charity fulfils its charitable object and delivers public benefit by runnillg a two-week r¢sid¢ntial summer schi)ol in Catnbridge with a progratnme of l¢ctur¢s at a high educational level given by scholars who are expert in b11]Cal Sdy, theology and related subjects.
Insttuction is aIso Provided in bJl)lical Greek and Hebrew at beginner, interniediate and advanced lev¢ls. The Charity prides itself on providing a higb quality progrdmme at a price wbich compares very favoutably with oth¢r rasidential summtr schools. From its foundatio the Vacation T¢rni for Biblical sdY traditionally attracted partxcipants working &% teachers. The programme is particularly beneficial for people in training to become ministers of religion and undergraduates stydying theology. Mally of the partlcipants work in ¢huwh¢s in all unpaid capacity and any personal benefit gain from attendance is UDlik¢ly to be financial. The IteeS are conscious that the accomm(Ktstion feffj though competitive, still represent a barrier to participation. Bursary awards a made to participants who would otherwise rd the cost of residential participation difficult to affor(L There is also the option to attend the Term as a non-residenL paying the Lecture Fees and an additional ConfereJce Fee. The Tnte¢S also offer a number of smaller non-restdential Awards towards non-resident costs that would be made to students and individuals on limited incomes (especially those in trilling for ministy). Grant Making Policy Th¢ availability of Bursaries to cover a substantial part of a student's residence fees, and Awards towards non-resident attendance is advertised in publicity material. Applications for Bursaries and Awards aT¢ administer by the Bursary Secretary, who is appoint] from arnong the trustees. Recipients are individuals who would otherwise have difficulty atrording the cost of acwmmodation at the summer sch(K)l. There w&s one Bursary award n]ade in 2023(£330). In accordance with the Charity's regulations llornllY no inth'vidual is granted mor¢ than one bursary. and this year there were no exceptions. The regulations also state that as far as possible, available funds will b¢ fully uti]is¢d in ¢a¢h year. but in 2023 this was not a¢hi¢v¢(L Activities In 2023 the programme w&8 located at w1rter College Cambridge. There were a total of 37 participants over th¢ fortnight (35 in 2022. 36 in 2021. 58 in 2019), 19 residents and I non- residents in week one (22 Residents and 3 non residents in 2022.18 residents in 2021. 32 resid¢nts and one non-resident in 2019), and 18 residents and I non-resident in week two of the Terni (19 residents and I non resident in 2022. 17 residents and I non-resident ID 2021. 24 residents and I non-resident in 2019) So nunthets attending have still not I0ved to PT¢-covid levels and the Teduction in numbers significantly reduced the illcome received for the 2023 A programme of the usual high academic level was PTesented with an Inaug[al Ikcture delivered by Dr Simon Perry, Sunday 23 July 2023 followed by a two-week programme consisting, each weeL of 19 one-hour sessions. The Eil¢¢ll Stamper Memoriak lecture at th¢ beginning of week two was given by V.Rev& Prof. John MCGuCki In addÉtion, 20 {6 for both weeks) took part in one-week language classes in biblical Gre¢k or H¢brew at beginner, intennediate or advanced level (16 in 2022. 20 in 2021: 35 in 2019). Language class numbers though improved on 2022 have still not return to pr¢-covid levels ID 2023. Once agaio we engaged significant outside help with the language tuitio and we are grateful tr) Jack Day, Megan Alsene-Parker. Joe Allen, Ben Rae. Joshua Parker, and Hannah Fytche, for th¢Ar valuable contributions to OUT language t¢a¢hing progrdmm¢, and Jan¢ MctAty for organising the lall82ge progrdmme. Participants wue also given access to the college library duTing the Terni.
Lecturers at the Terni in 2023 were: Prof. EryE Davies, University of Bangor Prof. James Crossley, Academic Director of CeDSAMM. Dr Robert Pope, University of Cambridge (Pat Merriman Memorial lectures). Prof. Nathan MacDonal(L University of Cambridge Prof. Judith Lieu: University of Cambridge V.Revd. Prof. John MCGuCki University of Oxford Dr Sophia Johnson, University of Cambridge (short paper) Joseph All¢4 Universty of Cambrid8c (sh(Kt FW) Achievements and Performance Financial Review The TnteeS are reswnsible for kwing proper accounting records that disclose with reasonable accuracy the financial Fvsition of the Charity. The accounts for the year ended 31 August 2023 show £32,368 of expenditure and £29288 of income, resulting in a deficit of ( - £3,079) (-£3,607 in 2022). This suggests there has been a slight improvement since 2022. but understates this improvement as the expendibjre atso included an additional £1,463 spent on advertising the 2023 Tern]. This disapw)inting deficit reflects the continued low attendance in the 2023 Terni Nvhich reflects the situation post-COVi(L though the good news was that some of our overseas members wer¢ able once again to attend in 2023. The Tntstees will need to continue to keep these trends under review in 2024. IDvestment Poliey The trustees adopt a low-risk wlicy. All general fimds are cunently in a charity account with HSBC Plc. The Trustees decided that the n]ajor prow)rtion of Miss Stamper""s legacy would be Invests being split between a Clwities Equity Fun and The Charities Property Fund. The legacy from Miss Pat Merrinwi will be equally split invested between these same two funds. Reserves Policy At 31st August 2023 the was in General Reserves a sum of £13,952 (in 2022 £18,176). In the Eileen Stamper Legacy Fund (a designated fut)d) there is £91,650 (2022 £90,158). The charity also has two restricted funds: £32,673 in the Pat Merriman Legacy Fund (£2,673 in caslL and the rest invested in the proEw fund). and £2,195 (2022, £2,525) in the Bursary Fun(L. Future Plans For 2024, Summer Biblical Study in Cambridge will be at Westmi Collegfy Cambridge (the ministerlal training college of the UDit&a Reforn]ed Church) for two weeks from 21 July to 2 AugusL The facilities and ethos of Westin1 College make it an excellent venue for a biblical studies summer school. I decla, in my capacity as a charity truse, that the tti]stees have approved the report above and have authorised me to sign It on their Irhalf. Timothy vfmder 25" May 2024 PJ)